COVID-19 continues to impact life insurance underwriting

Depending on what you read and who you follow, we are still in the phase of a pandemic or transition from pandemic to pandemic of COVID-19. This is a constant trend in the life insurance industry.

The virus continues to mutate and, to date, nearly 90 million people in the US have already reported being infected with COVID-19, according to the Johns Hopkins COVID Resource Center. No matter where we are in this phase, COVID-19 and its ongoing changes are with us. The severity of the COVID-19 virus in a person can vary, and residual symptoms affect this population. This is called long-term COVID-19. The symptoms after the virus are difficult to recognize because of the many symptoms, which can mean some problems related to the writing of the insurance.

Long-term symptoms of COVID-19 can range from mild to severe. The symptoms are serious and may include respiratory symptoms, muscle aches and pains, weakness, stomach symptoms, brain fog and general malaise. Due to the constant inflammation of viruses, a person can be affected in various ways. Each person affected can vary in their presentation and severity, making COVID-19 difficult for a doctor to diagnose.

If you analyze what the doctor said, this presentation can show that the doctors are evaluating the number of symptoms in several ways and looking at the reality and the possibility of long-term development of COVID-19. This makes the work of the hospital very difficult. Considering this at the moment, there is no single long-term “test” for COVID-19, several protocols will eventually lead to the determination of COVID-19.

In 2021, the International Classification of Diseases, Tenth Revision, Clinical Modification (aka ICD-10-CM) introduced the diagnosis U09.9 “Post COVID-19 condition, unspecified.” Medical indicators are very important to insurance carriers who use decision-making systems for diagnostic and analytical purposes. Now more than ever, it is important for underwriters to understand the history of their prospective insurers to guide them in navigating today’s insurance market. An ICD code of AU09.9 may cause problems in prescribing the client.

The case is delayed, adjourned, adjourned

We are currently in a cautious, risk-averse insurance market, especially for people over the age of 70. The unknowns of the severe disease of COVID-19 and the long-term symptoms of COVID-19 that affect the patient / client for a long time remain difficult. Research and insight are important and that is why the process of risk assessment in today’s insurance market.

With the continued rise in claims and the decline in flexible services due to COVID-19, protecting the insured’s potential is critical. For example, a man over 70 years old recently received a group Love to write. There was a delay for various reasons in putting the contract into effect, and because of the length of the delay, there was a change in health: The buyer contracted COVID-19. Due to the age of the client, it created difficulties, and the carrier had to understand the risks and any idea of ​​long-term concerns about the COVID-19, which causes delays. Depending on the information, the Interest rates would change to Stop or Decrease. Fortunately, the advance notice allowed the contract to be placed.

Don’t wait

It is important, especially for clients over the age of 70, to protect their stability. If the plan is given as it is being used, the goal should be to install it as soon as possible to avoid any change in health like the example above.

COVID-19 will continue to be a part of our lives. The potential for a client to become infected, reinfected or have long-term exposure to COVID-19 is real. Don’t miss out on the opportunity to protect your customers with insurance or be inconvenienced by health care changes due to a delay in filing a policy.

Chris Cook is senior vice president and chief underwriting officer at Crump Life Insurance Services. Chris can be contacted at [email protected].

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